Collector car insurance rate increases?

[JH27N0B]

I got my new policy renewal paperwork from Hagerty the other day and my premium is up 33%!
I'm wondering if others are seeing similar increases?
My daily driver car and my Ram are with State Farm, they renew in different months but nothing jumped out at me as being major as far as premium increases with them.
My house insurance renewal came recently and it's up, but maybe 10% or a bit more than that.

[7212Mopar]

I just renewed with Hagerty two weeks ago. Very minor increase. On the other hand, my regular auto, home insurance with Farmers were going up each time the policies get renewed. Getting a bit ridiculous. No accident and no claim filed.

[JH27N0B]

1/3rd increase with no claims filed seems ridiculous.  I talked to my agent today and she's going to check with Hagerty.  If no relief she's going to get a quote from another company she represents.
I was with another collector car company that got bought up by Hagerty in 2019.
Hagerty said they'd keep the same rates for the first renewal. Last year my rates went up but I don't think it was anything major.
I did increase the value of one of my cars last summer and had to pay a pro rated amount to cover the increase.  That accounts for a small amount of my increase this time but even without it my rates are up around 25%.

[70Barracuda]

$127.00, 6 mo.  45k agreed, well I dont agree but....Sate Farm

[Katfish]

Great deal with State Farm there!

My American Collectors is due, had $30k agreed $310, raised the coverage to $40k and it's now $385/yr

[JH27N0B]

My agent got back to me today, can save $50 by increasing the deductible to $1000.
With $1000 deductible I'd be around $1650 for 4 cars compared to around $1300 this year.
I'll have her shop other companies for quotes next year.
Hagerty has had a good reputation, but they did get in bad terms with MCACN by being a sponsor, but then not paying their sponsorship fees despite numerous reminders to please pay.  Since I'm involved with MCACN that sours me on that company.

[PlumCrazyRTSE]

I started with Hagerty in Jan 2018, so 2023 will make 6 years.  Haven't seen any rate increases since starting. When I first became a Hagerty customer, they automatically enrolled me in their Drivers Club.  I quickly cancelled that and it saved me about $45 a year.

[Gripper]

They are adding the Drivers Club membership without your consent.
Opt out of the membership and save $45

[JH27N0B]

I thought the drivers club was a decent deal, between getting their magazine subscription, emergency road service and they have a car marketplace members can use.
I've had friends who've needed Hagertys road service, and had to wait hours stuck on the side of the road before the flatbed wrecker showed up. 
Fortunately I haven't had need for a tow, but would not be too happy if I had to wait that long for a truck to show up.
I've toyed with the thought of getting a AAA membership and probably should.  That's around $99 though, but covers all my cars not just the vintage rides.

[captcolour]

With Hagerty for over 10 years.  I'm at $800 for two cars, one valued at $80K and one at $10K (RR needing restoration).

[CudaA39]

I switched to Grundy from Hagerty three or four years ago and my rates went down almost 50% for the same coverage.  I thought it was a mistake. No rate increase since, knock on wood.

[kdcarman]

I switched to Grundy from Hagerty three or four years ago and my rates went down almost 50% for the same coverage.  I thought it was a mistake. No rate increase since, knock on wood.

Thanks for this.  I pay Hagerty $1176 a year for my 70 Cuda 440-6.  I went on-line to get a quote from Grundy.  You immediately get a quote after you complete the form.  $780.00 per year from Grundy.  (33% less)  I guess will be switching to Grundy.

[JT70RTSE]

I shopped Hagerty and Grundy for my 70 R/T SE. I just upped the agreed value to $90K this past June. Premium is $676. No mileage limit but cannot use as a daily driver (obviously not an issue). 

[JH27N0B]

I just went on Grundys website and got a quote. $2188. Ouch! 
Well hopefully my insurance broker will get a quote from someone next week cheaper than Hagerty or I'm stuck paying $1700.
I used to have my collector cars on my State Farm policy.  I was always uncomfortable with their Stated Value coverage vs Agreed the collector car insurance companies have.  And they wouldn't raise my insured values on my cars without appraisals which are difficult to find, time consuming and expensive.  Hagerty has a research department who analyze car values and using that and pictures and descriptions you provide are good at valuing your car at a reasonable market value without appraisals.
State Farm formed an agreement in recent times to have Hagerty manage their classic car insurance program, I wonder if anything has changed such as going to agreed value or determining values?

[JH27N0B]

My insurance broker got back to me this morning and got a quote from another company, AMIG, American Modern, and it was about $1055.  Compared to $1650 for Hagerty.
I also talked to State Farm today, to see how their rates are now for classic car insurance, and if things have changed with their policies now to change from Stated value to agreed. 
Well I guess one way or another I'll be saying goodbye to Hagerty.    Raise someones rates 1/3 even though no changes to their record like claims or tickets, customers are going to leave.  Maybe they are losing customers and that is why they were stiffing MCACN on their sponsorship fees?